However, while Amgen will likely exceed expectations again in Q4, the outlook for Enbrel pricing has changed, placing added pressure on the company’s pipeline to deliver in 2017.

Much attention was paid to the company’s commentary that Enbrel would not benefit from increases in net selling price in 2017. Enbrel net pricing had been increasing at >10%/year, and had supported much of Amgen’s financial outperformance in 2015 and 2016, so this news was unwelcomed.

While Enbrel pricing could be on a slippery slope, and bears are sure to assert that anti-TNFs will be the next insulins, Amgen believes pricing in 2017 will still be positive, and that it is too early to know how pricing dynamics will play out over time.

On the ratings front, Amgen has been the subject of a number of recent research reports. In a report released today, Leerink Swann analyst Geoff Porges maintained a Hold rating on AMGN, with a price target of $163, which implies an upside of 7% from current levels. Separately, on September 29, Credit Suisse’s Alethia Young reiterated a Buy rating on the stock and has a price target of $203.

According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Geoff Porges and Alethia Young have a yearly average loss of 6.1% and 9.2% respectively. Porges has a success rate of 18% and is ranked #3791 out of 4188 analysts, while Young has a success rate of 28% and is ranked #3945.

Overall, 6 research analysts have assigned a Hold rating and 8 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $190.88 which is 25.8% above where the stock opened today.